Assenagon Asset Management S.A. Buys 266,815 Shares of Coeur Mining, Inc. $CDE

Key Points

• Assenagon Asset Management increased its Coeur Mining stake by 68.6%, buying 266,815 additional shares to own 655,645 shares worth approximately $11.5 million. Institutional investors collectively own 63.01% of the company.
• Coeur Mining shares opened at $15.31, well below their 12-month high of $27.77. The company’s latest quarterly results missed expectations, reporting $0.12 in EPS versus a $0.26 consensus estimate and revenue of $1.09 billion versus $1.24 billion expected.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $25.50, despite some target reductions and recent insider selling.

Assenagon Asset Management S.A. raised its stake in Coeur Mining, Inc. (NYSE:CDE - Free Report) by 68.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 655,645 shares of the basic materials company's stock after acquiring an additional 266,815 shares during the period. Assenagon Asset Management S.A. owned approximately 0.06% of Coeur Mining worth $11,539,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership raised its stake in Coeur Mining by 92.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 27,981,273 shares of the basic materials company's stock valued at $524,669,000 after purchasing an additional 13,418,041 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Coeur Mining by 34.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,872,677 shares of the basic materials company's stock worth $241,484,000 after acquiring an additional 3,291,431 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Coeur Mining by 889.6% during the 1st quarter. Renaissance Technologies LLC now owns 6,870,813 shares of the basic materials company's stock worth $128,965,000 after acquiring an additional 6,176,524 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Coeur Mining during the 2nd quarter worth approximately $104,760,000. Finally, Amundi boosted its position in shares of Coeur Mining by 107.0% during the 1st quarter. Amundi now owns 6,164,731 shares of the basic materials company's stock worth $115,712,000 after acquiring an additional 3,186,761 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors.

Coeur Mining Stock Down 1.0%

CDE stock opened at $15.31 on Tuesday. The firm has a 50-day moving average price of $19.12 and a 200-day moving average price of $18.06. Coeur Mining, Inc. has a 12 month low of $13.55 and a 12 month high of $27.77. The company has a current ratio of 3.65, a quick ratio of 2.44 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $15.74 billion, a P/E ratio of 14.59 and a beta of 1.37.

Coeur Mining (NYSE:CDE - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.14). The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.24 billion. Coeur Mining had a net margin of 26.82% and a return on equity of 11.03%. The company's revenue for the quarter was up 125.8% compared to the same quarter last year. During the same period last year, the firm posted $0.20 earnings per share. As a group, equities research analysts anticipate that Coeur Mining, Inc. will post 0.88 EPS for the current fiscal year.

Insider Activity at Coeur Mining

In related news, EVP Casey Nault sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the completion of the transaction, the executive vice president owned 540,086 shares of the company's stock, valued at $10,801,720. This represents a 1.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Thomas Whelan sold 6,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $20.87, for a total transaction of $125,220.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 51,000 shares of company stock valued at $1,055,070 in the last quarter. Insiders own 0.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CDE. Scotiabank decreased their price objective on shares of Coeur Mining from $28.50 to $26.50 and set an "outperform" rating on the stock in a research note on Friday, August 7th. Weiss Ratings upgraded Coeur Mining from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, October 8th. Roth Capital set a $19.00 target price on Coeur Mining in a research note on Friday, August 7th. Finally, Zacks Research raised Coeur Mining from a "strong sell" rating to a "hold" rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $25.50.

Coeur Mining Profile

Coeur Mining, Inc is a precious metals mining company headquartered in Chicago, Illinois. The company explores for, develops, and operates mines that produce gold and silver, with its activities focused primarily in North America.

Coeur's operating portfolio includes the Rochester gold and silver mine in Nevada, the Wharf gold mine in South Dakota, the Kensington gold mine in Alaska, and the Las Chispas silver and gold operation in Sonora, Mexico. The company also maintains exploration and development interests in additional mineral properties.

Founded in 1928, Coeur Mining has grown through the development and acquisition of precious metals assets.

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